OOREDOO — Interim / Quarterly Report 2022

Apr 26, 2022

Ooredoo Q.P.S.C. Doha - Qatar

Condensed consolidated interim financial information for the three-month period ended 31 March 2022

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022

CONTENTS **PAGE(S) **
Report on review of condensed consolidated interim financial information ___________1
Condensed consolidated interim statement of profit or loss ______________________2
Condensed consolidated interim statement of comprehensive income _______________3
Condensed consolidated interim statement of financial position_________________4–5
Condensed consolidated interim statement of changes in equity _________________6–7
Condensed consolidated interim statement of cash flows ______________________8-9
Notes to the condensed consolidated interim financial information ____________10–29

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REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF OOREDOO Q.P.S.C.

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Ooredoo Q.P.S.C. (the "Company") and its subsidiaries (together referred to as the "Group") as at 31 March 2022 and the related condensed consolidated interim statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (IASB). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of interim financial information performed by the independent auditor of the entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting".

For and on behalf of PricewaterhouseCoopers – Qatar Branch Qatar Financial Market Authority registration number 120155

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Waleed Tahtamouni Auditor’s registration number 370 27 April 2022

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PricewaterhouseCoopers – Qatar Branch, P.O. Box: 6689, Doha, Qatar. Ministry of Commerce and Industry License number 6 / Qatar Financial Markets Authority License number 120155 T: +974 4419 2777, F:+974 4467 7528, www.pwc.com/me

1

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS

Note	For the three-month period ended 31 March
	2022 2021 (Reviewed)* (Reviewed)
Revenue 4 Other income Network, interconnect and other operating expenses 5 Employee salaries and associated cost Depreciation and amortisation Finance costs Finance income Share of net profits of associates and joint ventures 11 Impairment losses on financial assets Other gains / (losses) – net 6 Royalties and fees	QR.’000 QR.’000 5,544,964 7,197,362 24,569 38,291 (2,524,660) (3,215,154) (662,449) (747,796) (1,156,618) (2,050,489) (254,590) (483,658) 53,033 42,556 9,569 17,646 (46,164) (38,630) (19) (259,221) (124,651) (98,789)
Profit before income tax Income tax 22	862,984 402,118 (107,739) (114,465)
Profit for theperiod	755,245 287,653
Profit attributable to: Shareholders of the parent Non-controlling interests	659,116 193,230 96,129 94,423
	755,245 287,653
Basic and diluted earnings per share (Attributable to shareholders of the parent) (Expressed inQR.per share) 7	0.21 0.06

• Refer to note 28 for details regarding certain reclassifications.

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

Note	For the three-month period ended 31 March
	2022 2021 (Reviewed) (Reviewed)
Profit for the period Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss Effective portion of changes in fair value of cash flow hedges 21 Share of other comprehensive gain/(loss) of associates and joint ventures 21 Foreign currency translation differences 21 Items that will not be reclassified subsequently to profit or loss Net changes in fair value on investments in equity instruments designated as at FVTOCI 21 Net changes in fair value of employees’benefits reserve 21	QR.’000 QR.’000 755,245 287,653 3,024 1,844 4,703 (11,515) 2,374,002 (686,767) 34,364 4,973 - 9,601
Other comprehensive income / (loss)- net of tax	2,416,093 (681,864)
Total comprehensive income / (loss) for the period	3,171,338 (394,211)
Total comprehensive income / (loss) attributable to: Shareholders of the parent Non-controlling interests	3,096,928 (411,710) 74,410 17,499
	3,171,338 (394,211)

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Ooredoo Q.P.S.C.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Note	31 March 2022 31 December 2021 (Reviewed)* (Audited)
Assets Non-current assets Property, plant and equipment 8 Intangible assets, goodwill and long-term prepayments 9 Right-of-use assets 10 Investment properties Investment in associates and joint ventures 11 Financial assets – equity instruments 12 Other non-current assets Deferred tax assets Contract costs	QR.’000 QR.’000 14,362,752 14,868,664 17,779,543 18,088,422 2,662,714 2,860,655 131,039 133,960 7,567,490 1,646,154 718,130 686,078 237,134 234,199 344,086 365,551 117,639 111,897
Total non-current assets	43,920,527 38,995,580
Current assets Inventories Contract costs Trade and other receivables 13 Bank balances and cash 14	442,858 364,994 182,996 181,287 5,561,470 5,251,310 12,110,263 11,670,454
Assets held for sale	18,297,587 17,468,045 - 20,893,903
Total current assets	18,297,587 38,361,948
Total assets	62,218,114 77,357,528
EQUITY AND LIABILITIES EQUITY Share capital Legal reserve Fair value reserve Employees’ benefits reserve Translation reserve 15 Other statutory reserves Retained earnings	3,203,200 3,203,200 12,434,282 12,434,282 435,529 393,453 (901) (5,583) (6,238,884) (8,634,620) 1,326,968 1,326,968 12,197,587 12,504,113
Equity attributable to shareholders of the parent Non-controlling interests	23,357,781 21,221,813 3,979,577 5,186,715
Total equity	27,337,358 26,408,528

• Refer to note 28 for details regarding certain reclassifications.

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Ooredoo[Q] .P .S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022

(All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONTINUED)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONTINUED)	CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONTINUED)
Note 31March 2022 (Revewed) 31 December 2021* (Audited)
LIAILITIES Non-current liabilities Loans and borrowings Employees' benefts Lease liabilities Other non-current liabilities Contract liabilities Total non-current liabiltes Current liabilities Loans and borrowings Lease liabilities Trade and other payables Deferred income Contract liabilities Income tax a able Liabilities directl associated with assets held for sale Total current liabilites Total liabilities 17 20 18 17 20 19 QR.'ooo 14,808,341 586,803 3,248,664 837,537 8 1 4,787,240 699,104 8,200,434 1,258,316 47,786 3 0 15,389,933 QR.'ooo 18,943,487 572,093 3,557,607 913,591 824,968 629,569 8,943,056 1,264,377 46,748 20 220 12,028,938 1 2 0 000
Total	equit and liabilites ~~77~~,~~357,5~~28

• Refer to note 28 for details regarding certain reclassifications.

The Condensed consolidated interim financial information on pages 2 to 29 were approved and authorised for issue by the Board of Directors on 27 April 2022 and were signed on its behalf by

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Nasser Mohammed Marafih Deputy Chairman

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Ooredoo Q.P.S.C.

Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

			Attributable	to shareholders of the parent	to shareholders of the parent	to shareholders of the parent
	Share capital	Legal reserve	Fair value reserve	Employees’ benefits reserve	Translation reserve	Other statutory reserves	Retained earnings	Total	Non – controlling interests	Total equity
	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000
At 1 January 2021	3,203,200	12,434,282	410,925	(11,273)	(7,869,693)	1,304,333	13,277,770	22,749,544	5,451,279	28,200,823
Profit for the period	-	-	-	-	-	-	193,230	193,230	94,423	287,653
Other comprehensive income/
(loss)	-	-	(4,680)	6,681	(606,941)	-	-	(604,940)	(76,924)	(681,864)
Total comprehensive income/
(loss) for the period	-	-	(4,680)	6,681	(606,941)	-	193,230	(411,710)	17,499	(394,211)
Transactions with
shareholders of the parent,
recognised directly in equity
Dividend for 2020 (Note 16)	-	-	-	-	-	-	(800,800)	(800,800)	-	(800,800)
Transactions with non-
controlling interests,
recognised directly in equity
Change in associate’s non-
controlling interest of its
subsidiaries	-	-	-	-	-	-	677	677	-	677
Dividends paid to non-controlling
interests	-	-	-	-	-	-	-	-	(113,004)	(113,004)
Transactions with non-
owners of the Group,
recognised directly in equity
Transfer to employee association
fund	-	-	-	-	-	-	(1,666)	(1,666)	(315)	(1,981)
At 31 March 2021	3,203,200	12,434,282	406,245	(4,592)	(8,476,634)	1,304,333	12,669,211	21,536,045	5,355,459	26,891,504

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Ooredoo Q.P.S.C.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (CONTINUED)

		Attributable to shareholders of the parent	Attributable to shareholders of the parent	Attributable to shareholders of the parent	Attributable to shareholders of the parent	Attributable to shareholders of the parent
	Share capital	Legal reserve	Fair value reserve	Employees ’ benefits reserve	Translation reserve	Other statutory reserves	Retained earnings	Total	Non – controlling interests	Total equity
	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000
At 1 January 2022	3,203,200	12,434,282	393,453	(5,583)	(8,634,620)	1,326,968	12,504,113	21,221,813	5,186,715	26,408,528
Profit for the period	-	-	-	-	-	-	659,116	659,116	96,129	755,245
Other comprehensive income/
(loss)	-	-	42,076	-	2,395,736	-	-	2,437,812	(21,719)	2,416,093
Total comprehensive income/
(loss) for the period	-	-	42,076	-	2,395,736	-	659,116	3,096,928	74,410	3,171,338
Employee benefit reserve
transferred to retained earnings
(Note 6)	-	-	-	4,682	-	-	(4,682)	-	-	-
Transactions with
shareholders of the parent,
recognised directly in equity
Dividend for 2021 (Note 16)	-	-	-	-	-	-	(960,960)	(960,960)	-	(960,960)
Transactions with non-
controlling interests,
recognised directly in equity
Deconsolidation of a subsidiary	-	-	-	-	-	-	-	-	(1,206,108)	(1,206,108)
Dividends paid to non-controlling
interests	-	-	-	-	-	-	-	-	(75,440)	(75,440)
Transactions with non-
owners of the Group,
recognised directly in equity
Transfer to employee association
fund	-	-	-	-	-	-	-	-	-	-
At 31 March 2022	3,203,200	**12,434,282 **	435,529	(901)	(6,238,884)	1,326,968	**12,197,587 **	**23,357,781 **	3,979,577	27,337,358

Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

			For the three-month period	For the three-month period
			ended 31	March
		Note	2022	2021*
			(Reviewed)	(Reviewed)
Cash flows from operating activities			QR.’000	QR.’000
Profit before income tax			862,984	402,118
Adjustments for:
Depreciation and amortisation			1,156,618	2,050,489
Dividend income			-	(12,728)
Impairment losses on financial assets			46,164	38,630
Changes in fair value of investments at FVTPL		6	1,065	(1,223)
Gain on disposal of non- financial assets			(11,937)	(31,888)
Gain on deconsolidation of a subsidiary		6	(2,571,881)	-
Translation reserve recycled to profit or loss		6	2,555,069	-
Finance costs			254,590	483,658
Finance income			(53,033)	(42,556)
Provision for employees’ benefits			50,870	37,868
Share of net profits of associates and joint ventures		11	(9,569)	(17,646)
Operating profit before working capital changes			2,280,940	2,906,722
Working capital changes:
Changes in inventories			(77,864)	(42,323)
Changes in trade and other receivables			(358,202)	(185,468)
Changes in contract costs			(7,451)	20,616
Changes in trade and other payables			(476,548)	(1,806,575)
Changes in contract liabilities			544	(10,789)
Cash generated from operations			1,361,419	882,183
Interest paid			(198,993)	(514,046)
Employees’ benefits paid			(34,732)	(30,763)
Income tax paid			(17,275)	(44,261)
Net cash generated from operating activities			1,110,419	293,113
Cash flows from investing	activities
Acquisition of property, plant and equipment		8	(558,642)	(767,940)
Acquisition of intangible assets			(165,550)	(968,264)
Additional investments in associates			-	(794)
Proceeds from disposal of non-financial assets			12,282	56,468
Proceeds from sale of available for sale investments			974	69
Released restricted deposits			5,127	196,855
Additions to restricted deposits			(17,232)	28,390
Net movement in short-term deposits			(19,284)	30,121
Movement in other non-current assets			-	4,308
Other dividend received			-	12,728
Interest received			52,879	42,380
Net cash used in investing	activities		(689,446)	(1,365,679)

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

8

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (CONTINUED)

		For the three-month period	For the three-month period
		ended 31	March
	Note	2022	2021*
		(Reviewed)	(Reviewed)
		QR.’000	QR.’000
Cash flows from financing activities
Proceeds from loans and borrowings		539,645	649,074
Repayments of loans and borrowings		(727,101)	(3,937,711)
Principal element of lease payments	20	(193,706)	(242,916)
Proceeds from disposal of stake in a subsidiary		1,409,261	-
Additions to deferred financing costs		-	(316)
Dividend paid to shareholders of the parent	16	(960,960)	(800,800)
Dividends paid to non-controlling interests in subsidiaries		(75,440)	(113,004)
Movement in other non-current liabilities		-	(360,471)
Net cash used in financing activities		(8,301)	(4,806,144)
Net increase/(decrease) in cash and cash equivalents		412,672	(5,878,710)
Effect of exchange rate fluctuations		(2,739)	608,668
Cash and cash equivalents at the beginning of the period		10,676,223	14,609,483
Cash and cash equivalents at the end of the period	14	11,086,156	9,339,441

• Refer to note 28 for details regarding certain reclassifications.

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Report on review of condensed consolidated interim financial information is set out on page 1. The accompanying notes from 1 to 28 form an integral part of this condensed consolidated interim financial information.

9

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. REPORTING ENTITY

Qatar Public Telecommunications Corporation (the “Corporation”) was formed on 29 June 1987 domiciled in the State of Qatar by Law No. 13 of 1987 to provide domestic and international telecommunication services within the State of Qatar. The Company’s registered office is located at 100 Westbay Tower, Doha, State of Qatar.

The Corporation was transformed into a Qatari Shareholding Company under the name of Qatar Telecom (Qtel) Q.S.C. (the “Company”) on 25 November 1998, pursuant to Law No. 21 of 1998.

In June 2013, the legal name of the Company was changed to Ooredoo Q.S.C. This change had been duly approved by the shareholders at the Company’s extraordinary general assembly meeting held on 31 March 2013.

The Company changed its legal name from Ooredoo Q.S.C. to Ooredoo Q.P.S.C. to comply with the provisions of the new Qatar Commercial Companies Law issued on 7 July 2015.

The Company is a telecommunications service provider licensed by the Communications Regulatory Authority (CRA) (formerly known as Supreme Council of Information and Communication Technology (ictQATAR)) to provide both fixed and mobile telecommunications services in the state of Qatar. As a licensed service provider, the conduct and activities of the Company are regulated by CRA pursuant to Law No. 34 of 2006 (Telecommunications Law) and the Applicable Regulatory Framework.

During 2021, the Qatar Commercial law number 11 of 2015 has been amended by Law number 8 of 2021. The management assessed the compliance of the Company and the required changes to the Article of the Association was amended in the Extraordinary General Assembly Meeting held on 8 March 2022.

The Company and its subsidiaries (together referred to as the “Group”) provides domestic and international telecommunication services in Qatar and elsewhere in the Asia and Middle East and North African (MENA) region. Qatar Holding L.L.C. is the Parent Company of the Group. Qatar Holding L.L.C. is controlled by Qatar Investment Authority - the sovereign wealth fund of the State of Qatar - (the "Ultimate parent").

In line with an amendment issued by Qatar Financial Markets Authority (“QFMA”), effective from May 2018, listed entities are required to comply with the Qatar Financial Markets Authority’s law and relevant legislations including Governance Code for Companies & Legal Entities Listed on the Main Market (the “Governance Code”). The Group has taken appropriate steps to comply with the requirements of the Governance Code.

The condensed consolidated interim financial information of the Group for the three-month period ended 31 March 2022 were authorised for issuance in accordance with a resolution of the Board of Directors of the Group on 27 April 2022.

2. BASIS OF PREPARATION

The condensed consolidated interim financial information for the three-month period ended 31 March 2022 has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' (“IAS 34”).

The condensed consolidated interim financial information is prepared in Qatari Riyals, which is the Company’s functional and Group's presentation currency, and all values are rounded to the nearest thousands (QR.’000) except when otherwise indicated.

The condensed consolidated interim financial information does not include all information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2021. In addition, results for the three-month period ended 31 March 2022 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2022.

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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

2. BASIS OF PREPARATION (CONTINUED)

Judgments, estimates and risk management

The preparation of the condensed consolidated interim financial information requires management to make judgments, estimates and assumptions that affects the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies, the key sources of estimation uncertainty and financial risk management objectives and policies were the same as those that applied to the Group’s annual consolidated financial statements for the year ended 31 December 2021, except those discussed in Note 3.1.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies used in the preparation of this condensed consolidated interim financial information are consistent with those used in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2021, and the notes attached thereto, except for the adoption of certain new and revised standards, that became effective in the current period as set out below and as disclosed in Note 3.1.

Changes to significant accounting policies

1. New and amended standards adopted by the Group

A number of new or amended standards became applicable for the current reporting period, and the Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022:

• Property, Plant & Equipment: proceeds before intended use – Amendments to IAS 16

• Reference to the conceptual framework – Amendments to IFRS 3

• Onerous contracts – cost of fulfilling a contract, amendments to IAS 37

• ● Annual Improvements to IFRS Standards 2018–2020

The amendments listed above did not have a material impact on the amounts recognised in prior periods and are not expected to significantly affect the current period.

2. Impact of new standards (issued but not yet adopted by the Group)

Certain new accounting standards and interpretations have been published that are not mandatory for the current reporting period and have not been adopted by the Group. The management of the Group is in the process of assessing the impact of these new standards, interpretation and amendments which will be adopted in the Group’s financial statement as and when they are applicable.

4. REVENUE

4. REVENUE
	For the three-month period
	ended31 March
	2022 2021 (Reviewed) (Reviewed)
Revenue from rendering of services Sale of telecommunication equipment Equipment rental revenue	QR.’000 QR.’000 5,103,704 6,776,232 402,397 368,949 38,863 52,181
	5,544,964 7,197,362

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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. REVENUE (CONTINUED)

Notes to the condensed consolidated interim financial information 4. REVENUE(CONTINUED)
	For the three-month period
	ended31 March
	2022 2021 (Reviewed) (Reviewed)
Over time At apoint in time	QR.’000 QR.’000 5,142,567 6,828,413 402,397 368,949
	5,544,964 7,197,362

1. NETWORK, INTERCONNECT AND OTHER OPERATING EXPENSES

	For the three-month period
	ended31 March
	2022 2021 (Reviewed)* (Reviewed)
Cost of equipment sold and other services Outpayments and interconnect charges Regulatory and related fees Network operation and maintenance Rentals and utilities Marketing costs and sponsorship Commission on cards Legal and professional fees Reversal of provision for obsolete and slow-moving inventories Other expenses	QR.’000 QR.’000 713,310 658,200 435,075 553,986 370,617 593,246 374,077 591,538 159,250 311,495 125,587 149,759 161,607 157,300 69,448 39,490 (1,519) (15,645) 117,208 175,785
	2,524,660 3,215,154

• Refer to note 28 for details regarding certain reclassifications.

• 6 OTHER GAINS / (LOSSES) – NET

	For the three-month period
	ended31 March
	2022 2021 (Reviewed)* (Reviewed)
Gain on sale of non-financial assets Change in fair value of derivatives – net Unrealized (loss)/gain on equity investment at FVTPL Foreign currency loss – net Gain on deconsolidation of a subsidiary (i) Miscellaneous(loss)– net	QR.’000 QR.’000 11,937 31,888 (45) 7,360 (1,065) 1,223 (2,574,110) (271,120) 2,571,881 - (8,617) (28,572)
	(19) (259,221)

• Refer to note 28 for details regarding certain reclassifications.

(i) Merger between Indosat Ooredoo (“IO”) and PT Hutchison 3 Indonesia

On 4 January 2022, one of the subsidiaries of the Group namely IO completed a statutory merger with PT Hutchison 3 Indonesia (“H3I”), the Indonesian subsidiary of CK Hutchison Holdings Limited (“CKH”).

The merger was approved by the shareholders on 28 December 2021. However, the remaining ministry approvals to finalize the merger deal (Minister of Law and Human Rights and Ministry of Communication and Informatics) were only received on 4 January 2022. Accordingly, the merger was completed as of that date, and the Group lost control over IO in which the Group had 65% shareholding via Ooredoo Asia - its fully owned subsidiary, when the new board of directors came into effect.

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Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

6 OTHER GAINS/(LOSSES) – NET (CONTINUED)

On the same day of merger closing, CK Hutchison Group acquired a 50% shareholding in Ooredoo Hutchison Asia (“OHA”) (previously known as Ooredoo Asia). Following this restructuring, the Group and CK Hutchison Group each owns 50% of OHA, based on which Ooredoo Group and CK Hutchison Group now have joint control over 65.6% ownership stake in the merged Company via OHA.

The merger has resulted in the deconsolidation of IO and the recognition of the retained interest as investment in a joint venture with effective ownership of 32.8%.

Below is the carrying amounts of IO’s assets and liabilities as at the date of the merger:

Property, plant and equipment Intangible assets, goodwill and long-term prepayments Right-of-use assets Investment properties Investment in associates and joint ventures Financial assets – equity instruments Other non-current assets Deferred tax assets Inventories Contract costs Trade and other receivables Bank balances and cash Assets held for sale	QR.’000
	8,560,998
	5,477,053
	3,051,059
	56,816
	71,309
	96,716
	634,429
	171,518
	4,628
	21,393
	1,403,152
	1,044,340
	300,492
Total Assets	20,893,903
Loans and borrowings Employees’ benefits Lease liabilities Deferred tax liabilities Other non-current liabilities Contract liabilities Trade and other payables Deferred income Income tax payable Liabilities directly associated with assets held for sale Intercompany payables
	4,343,615
	118,695
	4,336,974
	267,962
	974,244
	49,679
	4,127,166
	694,829
	4,999
	5,149
	**10,756 **
Total Liabilities	14,934,068
Net assets	5,959,835
Non-controllinginterest	(1,206,108)
Carrying amount of net assets derecognized	4,753,727

13

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

6 OTHER GAINS/(LOSSES) – NET (CONTINUED)

Below is the calculation of the gain on the deconsolidation:

Consideration received or receivable: Fair value of retained interest in Ooredoo Hutchison Asia* Cash received	QR.’000
	5,916,347
	1,409,261
Total consideration Carryingamount of net assets derecognized	7,325,608
	**(4,753,727) **
Gain on sale before recycling of foreign currency translation reserve Recyclingof foreign currencytranslation reserve	2,571,881
	(2,555,069)
Gain on deconsolidation	16,812

• The fair value of the retained interest in Ooredoo Hutchison Asia is derived from the quoted price of IOH’s shares on the effective merger date with appropriate consideration and adjustment for a control premium. Management exercised judgement and the control premium applied was determined to be 40%, which is a level 2 valuation technique.

7. BASIC AND DILUTED EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings for the period attributable to the shareholders of the parent by the weighted average number of shares outstanding during the period.

There were no potentially dilutive shares outstanding at any time during the period and, therefore, the dilutive earnings per share is equal to the basic earnings per share.

	For the three-month period
	ended31 March
	2022 2021 (Reviewed) (Reviewed)
Profit for the period attributable to shareholders of the parent (QR.’000)	659,116 193,230
Weighted average number of shares(In ’000)	3,203,200 3,203,200
Basic and diluted earnings per share (QR)	0.21 0.06
8. PROPERTY,PLANT AND EQUIPMENT	31 March 2022 31 December 2021 (Reviewed) (Audited)
Net book value at beginning of the period/ year Derecognition of previously held interest in a subsidiary Additions Disposals Reclassification Depreciation for the period/ year Impairment made during the period/ year Related to assets held for sale Exchange adjustments	QR.’000 QR.’000 14,868,664 26,120,103 - (115,711) 345,328 4,736,420 (345) (214,538) (27,896) (226,727) (744,048) (5,309,905) - (733,539) - (8,560,998) (78,951) (826,441)
Carrying value at the end of the period/ year	14,362,752 14,868,664

1. PROPERTY, PLANT AND EQUIPMENT

14

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. INTANGIBLE ASSETS, GOODWILL AND LONG-TERM PREPAYMENTS

	31 March 2022 31 December 2021 (Reviewed) (Audited)
Net book value at beginning of the period/ year Additions Disposals Reclassification from property, plant and equipment Amortisation for the period/ year Impairment during the period/ year Related to assets held for sale Exchange adjustment	QR.’000 QR.’000 18,088,422 26,454,938 47,207 407,723 - (777) 27,896 121,082 (271,915) (1,455,566) - (1,085,698) - (5,477,053) (112,067) (876,227)
Carrying value at the end of the period/ year	17,779,543 18,088,422

10. RIGHT-OF-USE ASSETS

The Group leases numerous assets including land and buildings, exchange and network assets, subscriber apparatus and other equipment, and Indefeasible rights-of-use (IRU) assets. The lease term ranges from 2 to 20 years (2021: 2 to 20 years).

	31 March 2022 31 December 2021 (Reviewed) (Audited)
Net book value at beginning of the period/ year Derecognition of previously held interest in a subsidiary Additions Disposals Amortisation during the period/ year Reclassification from/ (to) property, plant and equipment Reduction on early termination Impairment during the period/ year Related to assets held for sale Exchange adjustments	QR.’000 QR.’000 2,860,655 6,710,353 - (7,436) 134,200 1,899,342 - (217,102) (137,503) (1,195,776) - (37,897) (176,816) (123,413) - (581,227) - (3,051,059) (17,822) (535,130)
Carrying value at the end of the period/ year	2,662,714 2,860,655

11. INVESTMENT IN ASSOCIATES AND JOINT VENTURES

The following table presents the summarised financial information of the Group’s investment in associates and joint ventures.

		31 March	31 December 2021 (Audited)
		2022
		(Reviewed)
Group’s share in associates and joint ventures statement of financial position: Current assets Non-current assets Current liabilities Non-current liabilities	QR.’000	QR.’000	QR.’000 QR.’000 Total 2,872,466 1,312,353 16,873,459 2,440,787 (5,474,707) (776,661) (9,313,832) (2,238,396)
	Ooredoo
	Hutchison
	Asia	Others
	1,501,464	1,371,002
	14,446,055	2,427,404
	(4,654,724)	(819,983)
	(7,075,760)	(2,238,072)
Net assets Goodwill			4,957,386 738,083 2,610,104 908,071
	4,217,035	740,351
	1,705,920	904,184
Carrying amount of the investment	5,922,955	1,644,535	7,567,490 1,646,154

15

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. INVESTMENT IN ASSOCIATES AND JOINT VENTURES (CONTINUED)

For the Ooredoo Hutchison Asia (Reviewed)	For the Ooredoo Hutchison Asia (Reviewed)	three-month	period ended 31 March 2021 Total (Reviewed) (Reviewed)
		2022
		Others
		(Reviewed)
QR.’000 Share in revenues of associates and joint ventures **905,890 **		QR.’000	QR.’000 QR.’000 1,331,192 388,416
		425,302
Share in results of associates and joint ventures 6,608			9,569 17,646
	6,608	2,961

The carrying amount of equity-accounted investments has changed as follows in the three months to March 2022:

March 2022:
	31 March 2022 31 December 2021 (Reviewed) (Audited)
At 1 January Additions Share of results for the period/year Other comprehensive loss Change in non-controlling interest Dividend received Related to liability assets for sale Exchange adjustment	QR.’000 QR.’000 1,646,154 1,695,507 5,916,347 809 9,569 80,462 (4,579) (40,425) - 1,348 - (18,854) - (71,309) (1) (1,384)
	7,567,490 1,646,154

As a result of the merger that took place on 4 January 2022 between IO and PT Hutchison 3 Indonesia (note 6), the Group deconsolidated IO and recognized the retained interest as an investment in a joint venture. A 'Notional Purchase Price Allocation' (NPPA) has been undertaken at the Group level. As the deal was only finalised on 4 January 2022, provisional figures were used at 31 March 2022.

1. FINANCIAL ASSETS – EQUITY INSTRUMENTS

12. FINANCIAL ASSETS–EQUITY INSTRUMENTS
	31 March	31 December
	2022	2021
	(Reviewed)	(Audited)
	QR.’000	QR.’000
Investment in equity instruments designated at
FVTOCI (i)	716,285	682,195
Financial assets measured at FVTPL	1,845	3,883
	718,130	686,078

(i) The Group’s financial assets comprise of investment in a telecommunication related company with fair value of QR. 434,819 thousand (2021: QR. 422,242 thousand), investment in venture capital funds and other private equity funds. The investment in hedge funds is accounted for at fair value through the statement of profit or loss (FVTPL).

Other investments are accounted for at fair value through other comprehensive income (FVTOCI). The Group has elected to designate these investments in equity instruments as at FVTOCI as these investments are held for medium to long-term strategic purposes and not held for trading.

Further, management believes that recognising short-term fluctuations in the fair value of these investments in the condensed consolidated interim statement of profit or loss would not be consistent with the Group’s strategy.

Further information about the fair value of these investments is disclosed in Note 27.

16

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. TRADE AND OTHER RECEIVABLES

13. TRADE AND OTHER RECEIVABLES
	31 March 2022 31 December 2021 (Reviewed)* (Audited)
Trade receivables – net of impairment allowances Other receivables – net of impairment allowances and prepayments Contract assets – net of impairment allowances Unbilled subscriber revenue – net of impairment allowances Amounts due from international carriers – net of impairment allowance Positive fair value of derivative contracts(Note 27)	QR.’000 QR.’000 2,548,554 2,469,067 1,650,558 1,534,498 134,937 122,660 807,847 675,186 419,439 449,899 135 -
	5,561,470 5,251,310

• Refer to note 28 for details regarding certain reclassifications.

14. BANK BALANCES AND CASH

For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents comprise the following items:

	For the three-month period	For the three-month period
	ended 31 March
	2022	2021 (Reviewed)
	(Reviewed)
Bank balances and cash – net of impairment allowance Less: deposits with maturity more than three months Less: restricted deposits Cash and cash equivalents as per condensed consolidated interim statement of cash flows	QR.’000	QR.’000 10,153,080 (102,832) (710,807)
	12,110,263
	(332,284)
	(691,823)
		9,339,441
	11,086,156

Balances with banks are assessed to have low credit risk of default since these banks are highly regulated by the central banks of the respective countries. Accordingly, the Group estimates the loss allowance on balances with banks at the end of the reporting period at an amount equal to 12-month ECL. None of the balances with banks at the end of the reporting period are past due and taking into account the historical default experience and the current credit ratings of the banks, the Group has recorded an impairment loss of QR. 608 thousand during the period ended 31 March 2022 (2021: impairment reversal of QR. 746 thousand).

15. TRANSLATION RESERVE

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. During the current period, the movement was mainly coming from the Kuwaiti Dinar, Tunisian Dinar, and Algerian Dinar. In addition, the translation reserve decreased significantly as a result of the deconsolidation of the Indosat Ooredoo (Note 6).

17

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. DIVIDEND

16. DIVIDEND
	For the three-month period
	ended 31 March
	2022	2021 (Reviewed)
	(Reviewed)
Dividend declared and approved at the Annual General Meeting: Final Dividend for 2021, QR 0.30 per share (2020:QR o.25 per share)	QR.’000	QR.’000 800,800
	960,960
17. LOANS AND BORROWINGS		31 December 2021 (Audited)
	31 March
	2022
	(Reviewed)
Loans and borrowings Interest payable Less: deferred financingcosts	QR.’000	QR.’000 19,763,845 182,360 (177,750)
	19,572,398
	192,876
	(169,693)
	19,595,581	19,768,455

17. LOANS AND BORROWINGS

Presented in the condensed consolidated interim statement of financial position as follows:

	31 March	31 December 2021 (Audited)
	2022
	(Reviewed)
Non-current portion Currentportion	QR.’000	QR.’000 18,943,487 824,968
	14,808,341
	**4,787,240 **
	19,595,581	19,768,455

The fair value of the Group’s loans and borrowings, which include loans and borrowings carried at fixed rates and floating rates, amounted to QR. 19,918,647 thousand as at 31 March 2022 (2021: QR. 20,900,496 thousand).

18. OTHER NON-CURRENT LIABILITIES

	31 March	31 December 2021 (Audited)
	2022
	(Reviewed)
License cost payables Site restoration provision Others*	QR.’000	QR.’000 693,301 167,288 53,002
	573,553
	213,142
	**50,842 **
	837,537	913,591

*License cost payables movement is due to amounts paid to Telecom regulators in Oman for license charges.

** Others mainly include long-term procurement payables.

18

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. TRADE AND OTHER PAYABLES

19. TRADE AND OTHER PAYABLES
	31 March	31 December 2021* (Audited)
	2022
	(Reviewed)
Trade payables Accrued expenses Payables to Communication regulatory authority Amounts due to international carriers -net License cost payable Negative fair value of derivatives Long term incentive points-based payments Otherpayables	QR.’000	QR.’000 1,328,942 5,210,582 947,194 482,285 153,696 110,531 90,812 619,014
	1,078,276
	4,849,350
	795,011
	476,158
	154,604
	109,712
	91,712
	645,611
	8,200,434	8,943,056

• Refer to note 28 for details regarding certain reclassifications.

• LEASE LIABILITIES

	31 March	31 December 2021 (Audited)
	2022
	(Reviewed)
Carrying value at beginning of the period/ year Deconsolidation of a subsidiary Additions during the period/ year Interest expense on lease liability Principal element of lease payments Payment of interest portion of lease liability Reduction on early termination Relating to liability held for sale Exchange adjustments	QR.’000	QR.’000 7,360,403 (118,487) 2,598,496 638,639 (1,084,254) (555,687) (134,222) (4,336,974) (180,738)
	4,187,176
	-
	134,200
	63,392
	(193,706)
	(26,694)
	(172,106)
	-
	(44,494)
Carrying value at the end of the period/ year	3,947,768	4,187,176

19

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. LEASE LIABILITIES (CONTINUED)

	31 March	31 December 2021 (Audited)
	2022
	(Reviewed)
Non-current portion Currentportion	QR.’000	QR.’000 3,557,607 629,569
	3,248,664
	699,104
	3,947,768	4,187,176

The Group does not face a significant liquidity risk with regard to its lease liabilities. The maturity profile of lease liabilities is monitored by the Group’s treasury function.

	31 March	31 December 2021 (Audited)
	2022
	(Reviewed)
Contractual maturity analysis Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Less: unearned finance income	QR.’000	QR.’000 889,725 3,058,689 1,604,390 (1,365,628)
	949,580
	2,962,479
	1,185,324
	(1,149,615)
	3,947,768	4,187,176

21. COMPONENTS OF OTHER COMPREHENSIVE INCOME

	For the three-month period	For the three-month period	For the three-month period
	ended	31	March
	2022		2021
	(Reviewed)		(Reviewed)
	QR.’000		QR.’000
Items that may be reclassified subsequently to profit or
loss
Cash flow hedges
Gain arisingduringtheperiod	3,024		1,844
Share of changes in fair value of cash flow hedges	4,703		(11,515)
Foreign currency translation reserve
Recycling of foreign currency translation reserve on
deconsolidation of a subsidiary	2,555,069		-
Foreign exchange translation differences – foreign operations	(181,067)		(686,767)
	2,374,002		(686,767)
Items that will not be reclassified subsequently to profit
or loss
Fair value reserve
Net changes in fair value of equity investments at fair value
through other comprehensive income	34,364		4,973
Employees benefit reserve
Net movement in employees benefit reserve		-	11,421
Deferred tax effect		-	(1,820)
Other comprehensive income/(loss)for theperiod – net of tax	2,416,093		(681,864)

20

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

22. INCOME TAX

The income tax represents amounts recognised by the subsidiaries. The major components of the income tax expense for the period included in the condensed consolidated interim statement of profit or loss are as follows:

or loss are as follows:
	For the three-month period
	ended 31 March
	2022 2021 (Reviewed) (Reviewed)
Current income tax Current income tax charge Deferred income tax Relatingto origination and reversal of temporarydifferences	QR.’000 QR.’000 94,108 107,854 13,631 6,611
	107,739 114,465

23. IMPAIRMENT LOSSES ON GOODWILL AND OTHER NON-FINANCIAL ASSETS

As at 31 March 2022, the Group has performed an assessment to identify any impairment indicators during the period. The Group compared the achieved results to the approved budgets and cashflow projections. The assessment did not give rise to any impairment as at 31 March 2022. Management will monitor the performance of its investments and the market during the future reporting periods.

24. COMMITMENTS, CONTINGENT LIABILITIES AND LITIGATIONS

	31 March	31 December
	2022	2021
	(Reviewed)	(Audited)
	QR.’000	QR.’000
Capital expenditure commitments
Estimated capital expenditure contracted for at the end of the
financial reporting period/ year but notprovided for	1,748,633	2,223,090
Letters of credit	214,313	221,927
	31 March	31 December
	2022	2021
	(Reviewed)	(Audited)
	QR.’000	QR.’000
Contingent liabilities
Letters ofguarantees	**760,190 **	937,401
Claims against the Groupnot acknowledged as debts	22,822	15,822

Litigations

All other litigation positions reported in the Group’s annual consolidated financial statements as at 31 December 2021 have not materially changed as at 31 March 2022.

21

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

25. RELATED PARTY DISCLOSURES

Related parties represent associated companies including Government and semi-Government agencies, associates, major shareholders, directors and key management personnel of the Group, and companies of which they are principal owners. In the ordinary course of business, the Group enters into transactions with related parties. Pricing policies and terms of transactions are approved by the Group’s management. The Group enters into commercial transactions with Government related entities in the ordinary course of business in terms of providing telecommunication services, placement of deposits and obtaining credit facilities etc.

(a) Transactions with Government and related entities

As stated in Note 1, Qatar Holding L.L.C. is the Parent Company of the Group, which is controlled by Qatar Investment Authority. The Group enters into commercial transactions with the Government and other Government related entities in the ordinary course of business, which includes providing telecommunication services, placement of deposits and obtaining credit facilities. All these transactions are in the ordinary course of business at normal commercial terms and conditions. Following are the significant balances and transactions between the Company and the Government and other Government related entities.

• (i) Trade receivables-net of impairment include an amount of QR 636,618 thousand (2021: QR. 563,081 thousand) receivable from Government and Government related entities.

• (ii) The most significant amount of revenue from a Government related entity amounted to QR 24,746 thousand (2021: QR 44,223 thousand).

• (iii) Industry fee pertains to the industry fee payable to CRA, a Government related entity.

In accordance with IAS 24 Related Party Disclosures, the Group has elected not to disclose transactions with the Qatar Government and other entities over which the Qatar Government exerts control, joint control or significant influence. The nature of transactions that the Group has with such related parties relates to provision of telecommunication services on normal commercial terms and conditions.

(b) Transactions with Directors and other key management personnel

Key management personnel comprise the Board of Directors and key members of management having authority and responsibility of planning, directing and controlling the activities of the Group.

The compensation and benefits related to Board of Directors and key management personnel amounted to QR 61,877 thousand for the three-month period ended 31 March 2022 (2021: QR 88,469 thousand), and end of service benefits amounted to QR 3,302 thousand for the three-month period ended 31 March 2022 (2021: QR 4,297 thousand). The remuneration to the Board of Directors and key management personnel has been included under the caption “Employee salaries and associated cost”.

22

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. SEGMENT INFORMATION

Information regarding the Group’s reportable segments is set out below in accordance with “IFRS 8 Operating Segments”. IFRS 8 requires reportable segments to be identified on the basis of internal reports that are regularly reviewed by the Group’s chief operating decision maker (“CODM”), which is the “Board of Directors”, and used to allocate resources to the segments and to assess their performance.

The Group is mainly engaged in a single line of business, being the supply of telecommunications services and related products. The majority of the Group’s revenues, profits and assets relate to its operations in the MENA. Outside of Qatar, the Group operates through its subsidiaries and associates and major operations that are reported to the Group’s CODM are considered by the Group to be reportable segments. Revenue is attributed to reportable segments based on the location of the Group companies. Inter-segment sales are charged at arms’ length prices.

For management reporting purposes, the Group is organized into business units based on their geographical area covered, and has seven reportable segments as follows:

1. Ooredoo Qatar is a provider of domestic and international telecommunication services within the State of Qatar;

2. Asiacell is a provider of mobile telecommunication services in Iraq;

3. Ooredoo Hutchison Asia (“OHA”) (considered a major joint venture) is a provider of telecommunication services such as cellular services, fixed telecommunications, multimedia, data communication and internet services in Indonesia;

4. Ooredoo Oman is a provider of mobile and fixed telecommunication services in Oman;

5. Ooredoo Algeria is a provider of mobile and fixed telecommunication services in Algeria; 6. Ooredoo Myanmar is a provider of mobile and fixed telecommunication services in Myanmar; and

6. Others include some of the Group’s subsidiaries which are providers of wireless and telecommunication services.

NMTC group is a provider of mobile telecommunication services in Kuwait and elsewhere in the Middle East and North African (MENA) region. NMTC group includes balances and results of Ooredoo Kuwait, Ooredoo Tunisia, Ooredoo Algeria, Wataniya Palestine, Ooredoo Maldives PLC and others. In 2020, based on the recent information and circumstances, management reassessed and concluded that each of the mentioned entities represents a separate operating segment and should be assessed individually whether it meets the criteria of IFRS 8 Operating Segments, as a reportable segment. If not, such entity is reported as part of “Others”.

Management monitors the operating results of its operating subsidiaries separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss of these reportable segments. Transfer pricing between reportable segments is on an arm’s length basis in a manner similar to transactions with third parties.

23

Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Ooredoo Q.P.S.C.

Notes to the condensed consolidated interim financial information

1. SEGMENT INFORMATION (CONTINUED)

Operating segments

The following table presents revenue and profit information regarding the Group’s operating segments for the three-month period ended 31 March 2022 and 2021:

For the three-month period ended 31 March 2021 (Reviewed)

	Ooredoo		Ooredoo	Indosat	Ooredoo	Ooredoo	Adjustments and	Adjustments and
	Qatar	Asiacell	Algeria	Ooredoo	Oman	Myanmar	Others	eliminations		Total
	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000		QR.’000
Revenue
Revenue from rendering of telecom
services	1,690,766	848,936	545,761	1,849,435	569,540	245,829	1,025,965	-		6,776,232
Sale of telecommunications
equipment	26,424	2,666	336	2,152	32,423	2,118	302,830	-		368,949
Revenue from use of assets by
others	4,428	-	-	35,188	7,117	2,866	2,582	-		52,181
Inter-segment	56,742	174	4,821	133	734	1,422	70,766	(134,792)	(i)	-
Total revenue	1,778,360	851,776	550,918	1,886,908	609,814	252,235	1,402,143	(134,792)		7,197,362
Timing of revenue recognition
At a point in time	79,136	2,666	336	2,152	32,423	2,118	312,377	(62,259)		368,949
Over time	1,699,224	849,110	550,582	1,884,756	577,391	250,117	1,089,766	(72,533)		6,828,413
	1,778,360	851,776	550,918	1,886,908	609,814	252,235	1,402,143	(134,792)		7,197,362
Results
Segmentprofit(loss) before tax*	524,210	176,300	(1,568)	79,466	80,446	(548,173)	198,866	(107,429)	(ii)	402,118
Depreciation and amortisation	222,087	199,959	183,542	696,193	169,713	214,429	257,137	107,429	(iii)	2,050,489
Net finance costs	160,222	2,755	7,742	193,402	9,736	52,651	14,594	-		441,102

*Segment profit/(loss) before tax is determined after deducting all expenses attributable to the segment including depreciation and amortisation and finance cost.

24

Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Ooredoo Q.P.S.C.

Notes to the condensed consolidated interim financial information

26. SEGMENT INFORMATION (CONTINUED)

For the three-month period ended 31 March 2022 (Reviewed)

Ooredoo	Ooredoo	Ooredoo	Ooredoo		Ooredoo	Ooredoo	Adjustments and	Adjustments and
				Ooredoo					Total as
Qatar		Asiacell Algeria		Oman	Myanmar Others		eliminations		reported	OHA*
QR.’000		QR.’000 QR.’000		QR.’000	QR.’000 QR.’000		QR.’000		QR.’000	QR.’000
Revenue
Revenue from rendering of telecom
services	1,809,057	882,761 537,521		543,487	269,072 1,061,806		-		5,103,704	904,424
Sale of telecommunications
equipment	7,638	- 2,216		38,057	189 354,297		-		402,397	1,150
Revenue from use of assets by
others	4,424	- -		30,487	1,790 2,162		-		38,863	316
Inter-segment	66,101	49 **5,898 **		732	605 94,834		(168,219)		-	-
Total revenue	1,887,220	882,810	545,635	612,763	271,656 1,513,099		(168,219) (i)		5,544,964	905,890
Timing of revenue recognition
At a point in time	70,139	-	2,216	38,057	189 359,788		(67,992)		402,397	1,150
Over time	1,817,081	882,810	543,419	574,706	271,467 1,153,311		(100,227)		5,142,567	**904,740 **
	1,887,220	882,810	545,635	612,763	271,656 1,513,099		(168,219)		5,544,964	905,890
Results
Segmentprofit(loss) before tax	531,181	178,591	53,525	78,462	(14,638) **112,170 **		(76,307) (ii)		862,984	7,823
Depreciation and amortisation	226,831	205,417	152,515	171,767	88,870	234,911	76,307	(iii)	1,156,618	319,918
Net finance costs	135,282	611	5,834	10,013	39,015	10,802	-		201,557	102,105

• Ooredoo Hutchison Asia (OHA) proportionate results are included in the segment analysis. As a result of the merger between IO and PT Hutchison 3 Indonesia (note 6), the Group deconsolidated IO and recognized its retained interest as an investment in a joint venture. The Group’s share of IOH operations is equal to 32.8% (note 11). (i) Inter-segment revenues are eliminated on consolidation.

(ii) Segment profit before tax does not include the following:

	For the three-month period
	ended31 March
Amortisation of intangibles	2022 2021 (Reviewed) (Reviewed) QR.’000 QR.’000 (76,307) (107,429)
	(76,307) (107,429)

(iii) Amortisation relating to additional intangibles identified from business combination was not considered as part of segment expense.

25

Ooredoo Q.P.S.C.

Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

26. SEGMENT INFORMATION (CONTINUED)

The following table presents segment assets of the Group’s operating segments as at 31 March 2022 and 31 December 2021.

								Adjustments
	Ooredoo		Ooredoo	Indosat	Ooredoo	Ooredoo		and	Total as
	Qatar	Asiacell	Algeria	Ooredoo	Oman	Myanmar	Others	eliminations	reported	OHA*
	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000	QR.’000
Segment assets (i)
At31 March 2022(Reviewed)	17,513,549	5,759,564	3,404,077	-	4,352,006	2,542,216 16,211,769		12,434,933	62,218,114	10,447,075
At31 December 2021(Audited)	16,854,963	6,034,345	3,591,916	16,871,064	4,355,850	2,754,591	10,255,353	16,639,446	77,357,528	-
Capital expenditure(ii)
At31 March 2022(Reviewed)	93,358	88,175	90,876	-	52,562	12,673	54,891	-	392,535	197,712
At31 December 2021(Audited)	802,886	993,485	297,173	1,760,779	501,693	141,541	646,586	-	5,144,143	-

• Ooredoo Hustchison Asia (OHA) proportionate results are included in the segment analysis. As a result of the merger between IO and PT Hutchison 3 Indonesia (note 6), the Group deconsolidated IO and recognized its retained interest as an investment in a joint venture. The Group’s share of IOH operations is equal to 32.8% (note 11).

• (i) Goodwill and other intangibles arising from business combinations amounting to QR 12,434,933 thousand (31 December 2021: QR 16,639,446 thousand) were not considered as part of segment assets.

• (ii) Capital expenditure consists of additions to property, plant and equipment and intangibles excluding goodwill and assets from business combinations.

26

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. FAIR VALUES OF FINANCIAL INSTRUMENTS

Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Quoted (unadjusted) prices in active markets for identical assets Level 1: or liabilities that the Group can access at the measurement date; Inputs other than quoted prices included within level 1 that are observable for the assets of liability, either directly or indirectly; Level 2: and Level 3: Unobservable inputs for the asset or liability.

The following table provides the fair value measurement hierarchy of the Group’s financial asset and liabilities at 31 March 2022 and 31 December 2021:

	31 March	31 March
	2022		Level 1	Level 2	Level 3
	(Reviewed)		(Reviewed)	(Reviewed)	(Reviewed)
	QR.’000		QR.’000	QR.’000	QR.’000
Assets
Financial assets measured at fair
value
FVTOCI 716,285			956	18,216	697,113
FVTPL 1,845			-	1,845	-
Derivative financial instruments 135			-	135	-
718,265			**956 **	**20,196 **	697,113
Liabilities
Other financial liabilities
measured at fair value
Derivative financial instruments 109,712			-	109,712	-
Other financial liability for which
fair value is disclosed
Loans andborrowings		19,918,647	-	19,918,647	-
		20,028,359	-	20,028,359	-

27

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED)

	31 December
	2021	Level 1	Level 2	Level 3
	(Audited)	(Audited)	(Audited)	(Audited)
	QR.’000	QR.’000	QR.’000	QR.’000
Assets
Financial assets measured at fair
value
FVTOCI	682,195	-	-	682,195
FVTPL	3,883	-	3,883	-
Derivative financial instruments	-	-	-	-
	686,078	-	3,883	682,195
Liabilities
Other financial liabilities
measured at fair value
Derivative financial instruments	110,531	-	110,531	-
Other financial liability for
which fair value is disclosed
Loans andborrowings	20,900,496	-	20,900,496	-
	21,011,027	-	21,011,027	-

There were no transfers among Levels 1, 2, and 3 for the three-month period ended 31 March 2022 and for the year ended 31 December 2021.

At 31 March 2022, the Group has notes with a fair value of QR. 19,918,647 thousand (2021: 20,900,496 thousand). The notes are listed on the Irish bond market and the fair value of these instruments is determined by reference to quoted prices in this market. The market for these bonds is not considered to be liquid and consequently the fair value measurement is categorised within level 2 of the fair value hierarchy.

For fair value measurements categorised within Level 2 and 3 of the fair value hierarchy, the fair values are determined using appropriate valuation techniques, which include the use of mathematical models, such as discounted cash flow models and option pricing models, comparison to similar instruments for which market observables prices exist and other valuation techniques. Valuation techniques incorporate assumptions regarding discount rates, estimates of future cash flows and other factors.

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements for the individually significant investment:

	Fair value at 31	Unobservable	Value of	Relationship of unobservable
Description	March 2022	inputs	inputs	inputs to fair value
	QR.’000
				A change in the EV/EBITDA by 10%
				would increase/decrease the fair value
FVTOCI	434,819	EV/EBITDA	7.86 times	by QAR 39,660 thousand

28

Ooredoo Q.P.S.C. Condensed consolidated interim financial information for the three-month period ended 31 March 2022 (All amounts are expressed in Qatari Riyals unless otherwise stated)

Notes to the condensed consolidated interim financial information

1. COMPARATIVE INFORMATION

During the period, the Group performed an exercise to determine if the presentation of the condensed consolidated interim financial information is in accordance with IAS 1 “Presentation of financial statements”. This exercise resulted in reclassification of certain line items in the condensed consolidated interim financial information. The comparative figures have been reclassified in order to conform with the presentation for the current period. Such reclassifications have been made by the Group to improve the quality of information presented and did not have any impact on the previously reported equity and profits.

Below is a summary of significant reclassifications made during the period:

Three-month period ended 31 March	Three-month period ended 31 March	Three-month period ended 31 March	Three-month period ended 31 March	Three-month period ended 31 March
	Previous Reclassification Current Notes
	QR.’000 QR.’000 QR.’000
Condensed consolidated
interim statement of
profit or loss for the
period ended 31 March
	Operating expenses and
Operatingexpenses	(2,651,140) 2,651,140 - selling, general and
Selling, general and	administrative expenses have been split out
administrative expenses	further into the financial (1,351,087) 1,351,087 -
Network, interconnect and	statement line items
other operatingexpenses	alongside; and to - (3,215,154) (3,215,154)
Employee salaries and	separately present
associated cost	impairment on financial assets and non-financial - (747,796) (747,796)
Impairment provision	assets on the face of the
(reversal) on financial assets	statement of profit or loss
and other assets	to comply with 647 (647) -
Impairment losses on financial	presenting the income statement appropriately
assets	bynature - (38,630) (38,630)
Other income – net	(220,930) 220,930 - Reclassified to resent
Other income	p other income/expenses; - 38,291 38,291
Other(losses)/ gains - net	and finance income and - (259,221) (259,221)
Net finance costs	costs on a gross basis, as (441,102) 441,102 -
Finance costs	opposed to net to comply with IAS 1 - (483,658) (483,658) - 42,556 42,556
Finance income
Total	(4,663,612) - (4,663,612)
	As at 31 December
	Previous	Reclassification Current		Notes
	QR.’000	QR.’000	QR.’000
Condensed consolidated
interim statement of
financial position as at 31				Reclassification of the
December 2021				advances on purchases of
Other non-current assets	184,744	49,455	234,199	PPE from trades and
Trades and other receivables	5300765	(49455)	5251310	other receivables to other
	,,	,	,,	non-current assets.
Total	5,485,509	-	5,485,509

The effects of the reclassifications in the tables above have accordingly been mirrored in the comparative period’s condensed consolidated interim statement of cash flows with no impact on net cash generated from operating activities, net cash used in investing activities or net cash used in financing activities.

29